What is a revocable living trust and do I need one?
A revocable living trust is a trust that you create during your lifetime. You then transfer assets to the trust. You can revoke or amend the trust during your lifetime for any reason, giving you complete control over your assets. At your death, the trust assets will be distributed according to the terms of the trust. A revocable living trust provides certain advantages but also certain disadvantages, namely the upfront cost of creating the trust and the administrative cost of transferring assets to the trust.
